Given the rain, snow and depressing lack of daylight hours it might seem odd
to focus on a company that is best known for selling bicycles and cycling
paraphernalia. And for investors in Halfords, the company’s trading update
on Thursday is unlikely to have cheered them up. It wasn’t all bad news, but
bike sales slumped over Christmas as parents decided to buy their little
treasures laptops and gadgets instead.

Halfords had a much better recession than many other retailers, but what does
the future hold?